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Welcome to News & Events

Published on December 20, 2011, by in Industry News.

Welcome to The Fraud Practice’s FraudBlog; your source for updates on current events, commentary and best practices related to the eCommerce CNP payments and fraud industry.

Be sure to signup to see all of our content to include our free monthly FraudBlog Newsletter.

 
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250 million stolen credit cards for sale online

According to estimates from fraud prevention startup Trustev, there are 250 million compromised payment card numbers for sale in the online black market. The ease with which fraudsters can obtain this information emphasizes the importance of being able to effectively authenticate and verify identity information provided online.

Trustev, an Ireland based startup and fraud prevention vendor, released a Global Fraud Monthly Threat Briefing for the month of April. In addition to finding that there are currently more than 250 million stolen credit cards for sale online, the briefing included several interesting fraud statistics based on Trustev’s client base of over 100 customers based on activity seen during March.

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Heartbleed may have ripple effects on websites and authentication

All organizations need to be thinking about the future of user authentication and the heavy reliance on passwords which may be on the brink of change, and Heartbleed may have been the catalyst.

By now we are all familiar with the Heartbleed bug and OpenSSL vulnerability, but the fallout from the breach of information Heartbleed caused is only just beginning. Just about any password used online in the past two years could have potentially been compromised while many organizations are still working to repair encryption systems and put out the fire.

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Ping Identity acquires Israeli mobile authentication start-up

US-based Ping Identity, provider of cloud identity management and single-sign on solutions, announced the acquisition of Accells Technologies, a mobile identity and multi-factor authentication provider based out of Israel that was started in 2009.

Accells Technologies is considered a pioneer in the mobile authentication space recently winning the Stevie Award for Best New Software Service of the Year in 2013 and operating several patented and patent-pending technologies. Ping Identity, who refers to themselves as The Identity Security Company, has over 2,000 clients including half of the Fortune 100.

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The Fraud Practice Releases White Paper on Using Identity Document Verification to Increase Sales Conversion

To help companies better understand the methods for ID verification, The Fraud Practice has released the “Effective Methods for Using Identity Document Verification to Increase Sales Conversion” white paper, a free resource for merchants, financial institutions, and other organizations in the CNP space, both on the web and mobile.

Being able to trust the person you’re talking to is important, whether an encounter takes place face-to-face or online. ID Document Verification helps check a person is who they say they are and can help organizations accept orders where traditional verification fails. This white paper discusses what makes document verification effective in today’s market and how it can be used to allow organizations the opportunity to convert more sales.

Download the white paper today

 

 
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New Technique Course and Data Sheet on Identity Document Verification

The Fraud Practice releases new online course on the use of identity document verification in a risk program and the current vendor market providing these services.

Organizations that are using or considering identity document verification need to understand how it is best applied, where it fits into a risk strategy, as well as the capabilities and features of ID document verification services offered by third party vendors. The Fraud Practice has released an Identity Document Verification Training Course with accompanying Technique Data Sheet to provide this information. The online training course discusses the use of identity document verification in a risk program and the current vendor market providing these services.

More information about the Identity Document Verification Technique Course & Data Sheet

The first 100 eligible organizations can attend the course and download the data sheet for free – Register Here

 
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Social media is a gold mine for fraudsters

Visa survey shows 58 percent of consumers are aware of sharing information that could put them at risk.

A surprising number of consumers are sharing personally identifiable information via social media platforms to include phone numbers, addresses, mother’s maiden name and even their Social Security Number. It has also been shown that social media users with public profiles and who accept friend requests from strangers have a higher incidence rate of identity fraud.

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Organized cybercriminals use web services to create false scanned documents

Less than $10 can purchase a scan of a false passport, driver’s license, or credit card with online delivery within seconds.

Cyber criminals take false identities to a new level through do-it-yourself websites selling scans of fake passports, ID cards, utility bills, and credit cards that fraudsters purchase and use to commit identity fraud.

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More secure credit cards make fraudsters rush to eCommerce

October 2015 is the deadline for switching credit cards and readers to EMV/Chip & PIN technology. At this point fraud liability switches to the party with the lesser technology, which will have substantial impact on unprepared merchants. The eCommerce channel must also get ready as stopping fraud at physical retail stores will intensify online fraud attempts.

When Chip & PIN cards and the EMV standard were implemented on a large-scale in Europe and other markets, point-of-sale and counterfeit card fraud declined drastically, and in response fraudsters surged to the online channel. As more secure credit cards gain ground in the US, eCommerce merchants need to prepare and ensure their risk management programs are equipped to handle an increase in fraud attempts.

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Measuring consumers’ patience with identity checks

A study performed on UK customers by Experian found that consumers on average will abandon transactions when identity checks take 7 minutes or longer to complete, although there is variation across verticals. This underscores the importance of organizations being able to present and perform these checks within an acceptable time frame or standard for their industry.

Identity checks might be in everyone’s best interest, but 45 percent of survey respondents backed out of at least one online transaction due to the length and complexity of the identity checks. Of this group, nearly half took their business to a competitor. Extended waiting times give consumers the opportunity to re-evaluate whether a purchase is necessary, and to look up products elsewhere to find a better price, or a quicker check-out process.

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2014 Mobile Payments & Fraud Survey Report

Following the success of last year’s inaugural Mobile Payments & Fraud Survey Report The Fraud Practice, Kount and CardNotPresent.com have once again teamed up to offer this year’s installment highlighting the opportunity, growth, preferences and priorities as it relates to the mobile channel.

Download a free copy of the Mobile Payments & Fraud Survey: 2014 Report

 
© The Fraud Practice LLC 2012